Is Dogecoin Doomed? DOGE Price Crashes as Competitor Raises $500,000

Traders are asking whether crypto's biggest and oldest meme coin Dogecoin (DOGE) might be doomed in wake of the DOGE price crashing to its lowest level since late-February just above $0.11, with some traders instead shifting their focus to a new competitor, whose just launched presale recently surged past $500,000.

The DOGE price dropped 6.5% on Thursday, taking weekly losses to more than 10%.

Dogecoin is currently probing key long-term support in the $0.1070-1130 zone. A break below here could open the door to a short-term drop back below $0.10.

Its worth noting that the DOGE price found strong resistance at its 200DMA in recent weeks.

That suggests that bears remain in control of the market, and risks remain tilted towards the downside.

Dogecoin Doomed or Buy the DOGE Price Dip?

DOGE price risks are skewed to the downside in the short-term, as the broader crypto market struggles.

Bitcoin continues to face elevated spot market sell pressure from miners, the German government. Potentially a wave of Mt Gox related sell pressure could also soon arrive.

That said, claiming that Dogecoin is "doomed" is an overly extreme viewpoint.

Dogecoin remains the king of meme coins, boasting its own decentralized network and a huge community of supporters. These supporters famously include Elon Musk.

If crypto markets rebound later this year on Fed rate cuts and US political tailwinds, Dogecoin is a prime contender to rebound.

The meme coin could well hit new record highs and finally touch $1 in the years ahead.

That's far from a meme coin that is "doomed".

Can This Dogecoin Competitor Deliver Bigger Gains?

That said, its unlikely that investors will be able to extract greater than about 5x gains by investing in DOGE.

And many meme coin investors are hunting much bigger upside, i.e. 50-100x gains.

The best way for meme coin investors to reach these sorts of gains is to invest in new meme coins before they trend.

That's why analysts at Cryptonews.com keep a close eye on the market for new meme coins.

And one new meme coin they are big fans of is new Wild West-themed play-to-earn (P2E) meme coin crypto Shiba Shootout (SHIBASHOOT).

Saddle up! #ShibaShootout is more than a #memecoin it's a Wild West crypto adventure!

Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. pic.twitter.com/a3BFVx7u42

— shibashootout (@shibashootout) July 1, 2024

Shiba Shootout's P2E game has been approved on Google Play and the Apple App Store – its release is imminent.

And the game will be blockchain-powered via the SHIBASHOOT token, currently available in presale.

With crypto experts already saying the coin could be the next 100x token, its no surprise the presale has already surged beyond $500,000.

Find out why Cryptonews.com's inhouse analyst Arjay thinks SHIBASHOOT is going to blow up.

Those interest in learning more about the token should check out its official website.

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